Presumably with a different board
Nope. They don't even need to do that. I have a feeling that there may be a change of M.D. or Chairman required,and a change of company name (but that change can be so small as to be unnoticeable) but all that means is that everyone at the boardroom table moves their job title plague one place to the right, or left, and a new sign hung over the front door, with nothing changing in reality.
Its quite common these days for companies (even those with hundreds of employees) to do this. It allows them to pay their employees no redundancy pay, nor even pay them wages owed. Also any money owed to suppliers etc. will get written off. This often has a knock on effect and ruins other (perfectly solvent & honest )companies, costing more jobs.
Don't know how people can do that and sleep at night, or look at themselves in the mirror, but maybe that's why Im not rich.